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Assets, ow nership and public services Tom Bentley 17 th March 2007 Santiago

Assets, ow nership and public services Tom Bentley 17 th March 2007 Santiago. Outline. Global distribution of asset ownership Impact of changing returns to capital and labour Ways of thinking about assets and policy opportunities Links between asset formation and participation

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Assets, ow nership and public services Tom Bentley 17 th March 2007 Santiago

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  1. Assets, ownership and public services Tom Bentley17th March 2007Santiago

  2. Outline • Global distribution of asset ownership • Impact of changing returns to capital and labour • Ways of thinking about assets and policy opportunities • Links between asset formation and participation • Opportunities for public service reform

  3. Land area Source: worldmapper.org

  4. Wealth increase 1975-2003

  5. Housing prices (ppp) 2002

  6. Primary education spending growth 1990-2001

  7. International licence fees and royalty exports 2002

  8. Global inequality Source: wikimedia commons

  9. Asset ownership shapes the distribution of growth Source: Tony Atkinson

  10. US Median income grew at 0.5-0.7% per year less than mean income Source: Tony Atkinson

  11. Globalisation of equity, product, job markets broadens spread of outcomes, raises entry barriers and therefore deepens marginalisation: access to savings vehicles, housing ownership, personal and business credit all relevant. Material and financial assets intertwine with intellectual and social capital; in particular, as returns to skill increase, investment in human capital increases as a long term influence on life chances Inequality growth is compound: left alone, rich get richer

  12. The role of assets Spreading financial assets New credit and property instruments • Integrated lifetime accounts • Individual Development Accounts • Child Trust Fund • Pension reform • Skills and education accounts Microcredit, Grameen Bank De Soto property rights Shared equity and self build housing schemes Public finance and institutions Participative public services Australia: Future Fund Chile: Economic and Social Stablisation Fund Norway, Canada, long term funds from oil revenues Institutions which encourage long term asset formation by sharing responsibility and investment: Health, work, learning, saving

  13. Victoria’s National Reform Agenda: productivity and participation

  14. The potential of human capital investment for participation

  15. Successful system design depends on overlapping fields of participation (and the quality of their institutions) Role of intermediary institutions in shaping choices, enabling asset formation, mobilising participation, is crucial State’s role is increasingly to shape the environments in which market choices are taken and capabilities formed

  16. Community asset ownership: buildings, public spaces, organisations Personalisation of services Direct participation and dialogue across communities Social partnership for income distribution and ‘good work’ agenda Shared investment vehicles for asset accumulation Deliberative participation in everyday settings Public service framework focused on human capital formation as well as security Tom.Bentley@dpc.vic.gov.au Link to public services: a source of institutional innovation

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